CIBN Boss Urges Auditors to Embrace Emerging Technologies, Enhance Risk Management

Nume Ekeghe

The President/Chairman of Council, the Chartered Institute of Bankers of Nigeria (CIBN), Mr Ken Opara has urged auditors of banks to embrace technology and adopt understanding of risk management in a bid to attract Millennials  and Gen”Z into auditing profession.

Opara made this call in his keynote address at the 2023 Annual Retreat of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) in Lagos recently where stakeholders gathered to discuss  “Keeping up with the NextGen in Internal Audit”.

He noted that with the increasing use of data analytics, artificial intelligence, and automation tools, internal audit professionals must be able to utilise these tools to identify risks and essentially add value to their respective organisations.

He said: “Technologies like artificial intelligence, robotic process automation, and blockchain are rapidly transforming the business landscape. Internal auditors need to be familiar with these technologies and understand how they can be used to improve audit efficiency and effectiveness. They should be able to analyze large amounts of data, identify patterns and trends, and use data for robust reporting and decision-making.”

Also, he added that Internal auditors need to be agile and able to adapt quickly to changing business needs.

Furthermore, he added that the internal audit function must have a continuous learning culture. It is important for internal auditors to attend training and developmental programs. As the business landscape is changing digitally and, in all ramifications, the NextGen Auditor must be ahead of the development. This can only be possible through continuous learning.